Weekly Forex Market comment :

[nico3725]

EUR/USD.. .1.0795. No change in view. Resistance near 1.0915/35 has so far managed to contain EUR's strength. It has now entered into correction which is likely to continue for a while. Supports are at 1.0665 1.0625 & 1.0560. Cannot rule out testing of any of these supports once more.

USD/CHF.. 1.3560.No change in view. Dollar's corrective phase is expected to last for some time. Resistances are at 1.3705 1.3775/80 & 1.3835/50.

USD/JPY..117.40. Dollar has turned bearish during last week. It should now drop to 116.80/60 or 116.20 levels on clear break of 117.25/15 support area. Monthly triangle support for this month is situated near 115.00/10. Break of this level (Not expected) will throw up alarming downside potential.

GBP/USD..1.5855. Cable broke below support near 1.6025 without any fight & should target 1.5700/1.5685 now. Resistances are at 1.5950 & 1.6045/60.

Regards.

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